AI Startup Works with Retailers like Walmart to Help Them Create Millions in Savings
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Pactum, the creator of AI-driven autonomous negotiation technology, is participating in the National Retail Federation’s 2023 Retail Big Show. Event participants can visit the NRF Innovation Lab, booth #8004 to witness Pactum’s intelligent chatbot negotiate merchandising deals autonomously. As part of Pactum’s Negotiation Suite, the merchandising item cost negotiation solution helps retailers:
- Proactively trigger new cost negotiations with suppliers based on data points like margins, sales, competitive price fluctuations or shifts in commodity price indices to help lower costs
- Negotiate cost increase requests with suppliers
- Renegotiate commercial payment terms and allowances
“There are a number of macroeconomic issues impacting retailers – from inventory problems, supply chain disruptions, and an imminent recession – and they need new technology solutions that can help them manage this increasingly complex global environment,” said Martin Rand, Co-Founder and CEO of Pactum. “Supplier negotiations are an under-utilized strategy for retailers to manage constant disruptions. We are excited to be a part of the vibrant NRF community and show retailers the power of AI to negotiate their supplier contracts and the savings it generates.”
Walmart deployed Pactum’s autonomous negotiations technology to bring suppliers better terms and improved savings. To date, Pactum’s intelligent chatbot has closed deals with 68% of the suppliers approached and generated an average savings of 3% for Walmart. 83% of suppliers described Pactum’s chatbot as easy to use and liked the ability to make counteroffers. Pactum’s technology also allows Walmart to conduct contract negotiations with 2,000 suppliers simultaneously, something no human buyer can do.
The NRF Innovation Lab is a carefully curated, invitation-only showcase of the most visionary retail technologies. The Lab is an immersive experience where these technologies come to life through hands-on demonstrations, featuring the latest advances in technologies such as artificial intelligence, machine learning, robotics and data analytics. Pactum will be offering a demo of its autonomous negotiation technology, one of the only solutions on the market that allows retailers to negotiate merchandising agreements using AI.
Given the success of autonomous negotiations with large retailers, Pactum will be giving away a free Production Pilot worth up to $250,000 to one lucky NRF participant. Please stop by Pactum booth #8004 in the Innovation Lab to find out more details and register for the drawing.
Pactum works with Walmart, Maersk, Wesco and other $5B+ revenue companies, demonstrating how autonomous negotiation unlocks value in deals their customers typically can’t negotiate on their own. The technology – which uses advanced mathematical models, cognitive science, and best-in-class negotiation techniques – also accounts for fluctuations in the macro-environment as they happen, helping enterprises to best navigate a recession and reach deals that are optimal for both sides.
To learn how Pactum helps global retailers unlock value by automating contract negotiations on a massive scale, visit Pactum at Booth #8004 at the NRF Retail Big Show 2023 or visit www.pactum.com. To learn more about NRF’s Retail Big Show, visit https://nrfbigshow.nrf.com/.
Pactum helps global companies to digitally conduct personalized commercial negotiations on a massive scale. Pactum works with $5B+ revenue companies, including many top Fortune 500 organizations such as Walmart and Maersk. The company is based in Mountain View with engineering and operations in Estonia. Learn more at www.pactum.com.
Chrissy Azevedo, Corporate Ink for Pactum